Does house sale affect tax credit payments

trappervanman

Hi myself and my wife have just sold our house and gone into rental property.We have four children and have been claiming tax credits as we are a low income family.After paying some debts off we should be left with about £75.000.We are planning to emigrate to OZ so every penny counts.With the money we have left over from our house sale will this have to be declared when we reclaim our tax credits.

Caz3121

you will need to submit the interest over £300, so if 2% interest for a year, this gives £1500 then you deduct £300 and enter £1200 as the value

trappervanman

Caz3121 wrote: »

you will need to submit the interest over £300, so if 2% interest for a year, this gives £1500 then you deduct £300 and enter £1200 as the value

Thanks for the post but i dont have the money in a savings account,as ive only just sold my house.

moomoomama27

Yes it counts as savings! So they will reduce your claim. Give them a call and ask for advie, the last thing you need is an overpayment!

seaniboy

Open a Citibank account, open a AU Citi linked savings account and put it away - look for property asap and buy asap or else your tax credits will disappear quicker than Woolworths.

Having a outright bought property in AU while applying for immigration will also score you browny points as in the worst case senario you will not be dependant on governement (or mainly charities as it is in AU).

Buy anything suitable, you can always sort out another house after getting settled in AU.

& best of luck - the Commonwealth of AU has not quite got anywhere near the state of the UK.